Equity Cash-Out Bridge
Equity Cash-Out Bridge Loan for Multifamily Property in Easley, South Carolina
- Loan Amount
- $310,000
- Loan-to-Value
- 53.44%
- Interest-Only Term
- 6 Months
- Private Loan Type
- Equity Cash-Out Bridge
- Approx. Funding Date
- July 2, 2025
- Property Type
- Multifamily
Deal Summary
Myers Capital Hawaii—a residential and commercial mortgage banking company and direct private lender—partnered with its affiliate, Koa Mortgage Fund, to fund a $310,000 equity cash-out bridge loan on a 5-unit multifamily property in Easley, South Carolina. The loan was structured with a conservative 53.44% loan-to-value (LTV) based on the property’s appraised value of $580,000. The Borrowers were initially denied a DSCR loan from another lender due to high credit card utilization from funding property improvements. We provided a bridge loan that allowed them to pay down debt, improve their credit score, and complete renovations on a property consisting of a single-family residence and a 5-unit apartment building. Cash-out proceeds will also be used to purchase another investment property, and the Borrowers plan to refinance the bridge loan into a long-term DSCR loan. The property was fully occupied at closing. It is approximately 1,980 square feet set in a 17,859-square-foot lot. The interest rate was 14%. This bridge loan was funded in July 2025.
Deal Highlights
- Borrowers cashed out equity from a multifamily property in Easley, South Carolina.
- Funds are being used to complete renovations that will increase the property’s value.
- Additional cash-out proceeds will be applied toward acquiring another investment property.
- Exit Strategy: Refinance with a Debt Service Coverage Ratio (DSCR) loan.
Property & Loan Details
- Property City
- Easley
- Property State
- SC
- Loan Term (months)
- 6
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Property Value
- $580,000
- Location Type
- Rural
- Property Condition
- Good
- Occupancy at Closing
- Tenant-Occupied
- Number of Units
- 5
- Building Square Footage
- 1,980
- Lot Square Footage
- 17,859
- Lot Acreage
- 0.41
- Borrower's Plan
- Rehab and Rent
- Exit Strategy
- Refinance
- Borrower Credit Rating
- Good
- Interest Rate
- 14%
Loan Originator
Reed Myers
Principal
Reed is also Principal of Myers Capital, an award-winning, privately-owned residential and commercial mortgage banking company and direct private lender based in Honolulu, Hawaii. As a second-generation family business owner, Reed is personally involved in over $2 billion in loan originations, helping thousands of clients throughout the country. He holds active mortgage loan origination licenses in Hawaii and multiple states. He is also an experienced real estate investor throughout Hawaii and the mainland. Myers Capital provides efficient mortgage lending and real estate advisory services in 42 states.
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